Between 2006 and 2020, the world is expected to reach a peak in oil production where world demand for oil resources will be greater than the world's available oil supplies. Learn about oil and natural gas depletion and what that means for the global economy and our way of life in the United States.

Saturday, December 17, 2005

"Peak Oil Is Not a Theory" - Roscoe Bartlett

"Just as Hubbert was right about the United States, peak oil has occurred in other countries and global peak oil will happen. Oil production is declining in 33 of the world’s 48 largest oil-producing countries. The Associated Press just reported that Texas oil and natural gas production declined five percent in the first nine months of 2005. Global “Peak Oil” has not yet occurred, but will mark the maximum annual world production of this source of cheap energy. It has utterly transformed America and the world in the past 100 years."

"President Bush has committed the Administration to reducing America’s energy insecurity. I met with the President at the White House on June 29, 2005 and was impressed by his understanding of the need for our government to act now to prepare for global “Peak Oil”. On October 5, 2005, Department of Energy Secretary Samuel Bodman requested the National Petroleum Council to study “Peak Oil” and the oil and natural gas industry's ability to produce enough oil and natural gas at prices that would not cripple the American economy. Our country’s leadership is slowly becoming aware of “Peak Oil”. However, it is my hope because of hearings like this and the testimonies given by some of our most prominent figures, our country’s leadership will start to see the urgency in addressing this issue, and make it the centerpiece of their agenda."

"...For example, in testimony before the U.S. Senate Committee on Foreign Relations on November 16, former CIA Director James Woolsey discussed “seven reasons why dependence on petroleum and its products for the lion’s share of the world’s transportation fuel creates special dangers in our time.” 1. Transportation infrastructure is dependent upon oil 2. The Middle East will continue to be the low-cost and dominant petroleum producer. 3. Petroleum infrastructure is highly vulnerable to terrorist and other attacks. 4. The possibility is increasing of embargoes or supply disruptions under regimes that could come to power in the Greater Middle East. 5. Oil revenue transfers fund terrorism. 6. Current account deficits for a number of countries create risks ranging from major world economic disruption to deepening poverty that could be reduced by reducing oil imports. 7. Oil used for transportation produce greenhouse gases that increase the risk of climate change."